Author: Julius Alagbe

Nigeria Eurobonds Rally as Foreign Investors Eye Attractive Yield Amidst a plan to raise $2.2 billion in external borrowing, Nigeria’s sovereign Eurobond has continued to attract foreign portfolio investors (FPIs) in the international market. The renewed buying interest by the offshore investors followed mild selloffs triggered by uncertainties spooked by consumer price index data for October. After Nigeria’s statistics office announced the inflation rate climbed to 33.88% last week, offshore investors sold down their interest. The riskoff sentiment was not sustained, as the trading trend showed a bullish tendency that will persist. Most global rating agencies believe that the monetary…

Trading activities on Nigerian Treasury bills boomed in the secondary market after the spot rate on the 364-day paper was adjusted by 50 basis points to 23.50% during midweek auction.

Naira Mixed as Markets Brace for $2.2bn External Borrowing The naira appreciated on the strength of external borrowing approval, FX intervention, and sustained increase in external reserves. Increased demand for foreign currencies in Nigeria has caused the naira to lose its allure. On Thursday, the one-sided exchange rate gain raised the gap between official and parallel market rates to N82. U.S dollar supply is still somewhat constrained by the underperformance of the oil and gas sector, which is one of the major sources of foreign currency inflows in Nigeria. The markets have braced for Eurobond issuance following the lawmaker’s approval…

Sanwo-Olu Presents N3trn 2025 Budget to House of Assembly Governor Babajide Sanwo-Olu of Lagos has presented a N3,005,935,198,419,3,005,935,401 budget proposal to the Lagos State House of Assembly for 2025. The budget tagged “The Budget of Sustainability” was presented on Thursday. “This budget comprises a total revenue of 2,597,034,000,000 and a deficit financing of about N408,002,000,000. “The total revenue comprises internal revenue generated at N1,107,897,000,000 and a total tax cut of N660,137,000,000. “We have proposed a recurrent expenditure of N1,239,818,000,000. “The total overhead cost is N722.586 billion, as follows: overhead: N432.580 billion, subventions: N139.728 billion, dedicated funds: N150.278 billion, total personnel…

Equities market capitalisation of the Nigerian Exchange (NGX) shrank by about N108 billion as investors dumped Oando energy and Access Holdings.

On Thursday, the price of bitcoin surpassed $98,000 for the first time, sustaining market expectations of better, more lenient regulations in the cryptocurrency market.

Lafarge Africa and Transcorp Plc are currently driving an uptrend on the Nigerian Exchange (NGX) during early trading hours in the equities market.

Prices of crude oil increased as Russia-Ukraine tensions heightened. Ukraine fired a US-made missile into Russia earlier in the week. Brent crude rose to $73.08 per barrel, while the US benchmark West Texas Intermediate also increased to $69.05 per barrel.

Bolstered by improved sentiment, the equities market capitalisation of the Nigerian Exchange (NGX) recorded about N167 billion in gain as investors took positions on banking, cement names, and others.

Sokoto Approves N950m to Complete Independent Power Project The Sokoto State Government has approved N950 million for the completion of 38-megawatt Independent Power Project (IPP) started in 2008. The Commissioner for Information and Culture, Alhaji Sambo Danchadi, disclosed this after the State Executive Council (SEC) meeting on Wednesday in Sokoto. Danchadi said the IPP project, started by former Gov. Alhaji Aliyu Wammako administration in 2008, aimed at providing 24-hour electricity to the state. He said the project would generate 38 megawatts of electricity when completed, assuring that the project would no doubt rejuvenate social and economic activities across the state.…